Cogent Biosciences (NASDAQ:COGT) Stock Price Up 8.2%

Cogent Biosciences, Inc. (NASDAQ:COGTGet Rating) shares rose 8.2% during mid-day trading on Thursday . The company traded as high as $11.71 and last traded at $11.52. Approximately 8,174 shares traded hands during trading, a decline of 99% from the average daily volume of 669,965 shares. The stock had previously closed at $10.65.

Analyst Upgrades and Downgrades

COGT has been the subject of a number of recent research reports. Guggenheim initiated coverage on shares of Cogent Biosciences in a research report on Tuesday, June 28th. They set a “buy” rating and a $15.00 price target for the company. SVB Leerink lifted their target price on shares of Cogent Biosciences from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, June 10th.

Cogent Biosciences Trading Up 0.5 %

The stock has a market capitalization of $552.13 million, a PE ratio of -5.48 and a beta of 2.07. The firm’s fifty day moving average price is $9.19 and its two-hundred day moving average price is $7.53.

Cogent Biosciences (NASDAQ:COGTGet Rating) last posted its earnings results on Tuesday, May 10th. The technology company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.15). As a group, sell-side analysts anticipate that Cogent Biosciences, Inc. will post -2.5 earnings per share for the current fiscal year.

Insider Activity at Cogent Biosciences

In related news, major shareholder Fairmount Funds Management Llc purchased 1,200,000 shares of the company’s stock in a transaction that occurred on Thursday, June 16th. The shares were purchased at an average price of $8.25 per share, with a total value of $9,900,000.00. Following the purchase, the insider now owns 2,472,124 shares of the company’s stock, valued at $20,395,023. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.86% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank acquired a new stake in Cogent Biosciences in the 1st quarter valued at $37,000. Renaissance Technologies LLC acquired a new stake in Cogent Biosciences during the 1st quarter worth $86,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Cogent Biosciences during the 2nd quarter worth $105,000. ProShare Advisors LLC acquired a new stake in Cogent Biosciences during the 4th quarter worth $118,000. Finally, MetLife Investment Management LLC boosted its stake in Cogent Biosciences by 285.8% during the 1st quarter. MetLife Investment Management LLC now owns 16,460 shares of the technology company’s stock worth $123,000 after purchasing an additional 12,193 shares during the last quarter.

About Cogent Biosciences

(Get Rating)

Cogent Biosciences, Inc, a biotechnology company, focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes CGT9486, a selective tyrosine kinase inhibitor designed to inhibit the KIT D816V mutation that drives systemic mastocytosis, as well as other mutations in KIT exon 17, which are found in patients with advanced gastrointestinal stromal tumors.

Further Reading

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